Now that you have sorted things out, it's time to deal with the legalities around your business and decide which legal structure will best suit your business. This has to be done prior registering for tax and, of course, start trading. In brief, there are...
In our previous article, we covered aspects related to how you can turn your idea into a business, and also discussed funding sources that you could use. This article will show you how to research your market, develop a business plan that actually works, and...
If you are selling, supplying or transferring goods from the UK into another country, it may well be that you have to charge VAT. If the goods are going to someone else who is registered for VAT in their own country or you are exporting goods...
Starting a small business involves immaculate planning and critical financial decisions, alongside a series of legal activities. To help you plan, prepare, and manage your new business, here is the first part of a guide with all the essentials you need to know. Of course, it...
Following our article regarding the VAT Recharge Scheme put in action January 1, 2015, where we provided you with the basics of the new legislation, here are the most frequently asked questions answered by our accounting specialists. Q: I have a small business that sells both...
If you are thinking about starting a business, you should begin by writing a business plan. This outlines the ideas you have for your product or service. You can get help for your business ideas from: The National Enterprise Network (England) Business Gateway (Scotland) NI Business Info (Northern Ireland) Business...
From 1 January 2015, the EU reverse charge scheme has caused great controversy and opposition, especially among micro-businesses that are now seriously reconsidering trading in Europe. According to the new legislation, VAT is charged in the country that products are purchased, rather than the country...
Considering that SMEs (99% of all UK enterprises) employ about 60% of the country's workforce, they are the backbone of the UK economy. However, what most entrepreneurs don't realise is the importance of accounting management and how it can contribute to their business growth, helping...
If you pay sub-contractors to do building work for you and you are for example a: • Builder • Labour Agency • Gang Master • Property Developer You must register as a contractor with the Construction Industry Scheme (CIS). You should also register even if you don’t do construction work, but you spend more than...
Running a business is never easy. As a matter of fact, it can be quite challenging at times. We occasionally meet business owners that have placed crucial tasks on the backburner and dedicate all their time and their energy in the daily functions of their...
Most small business owners find themselves performing multiple roles for their company. With their plate always full, completing payroll can be a real challenge considering the fact that they need to be well versed in accounting, remember all the deadlines, and be willing to research...
VAT Exempt Goods There are some goods and services that are exempt from VAT and this means that if you sell these goods, you can’t claim the VAT on the purchases or any expenses. Below is an example of goods and services that are exempt from...
